October 13, 2012 5:39 am
Is Commission discontinued if LIC agency is suspended for not completing the target?
As for as i remeber section 44 Insurance act 1938 – says that agent can get renewal if atleast he works for minimum 5 years ( Doing minimum business ),otherwise the renewal can get stopped if the licence terminated in between.
Yes , it might happen . There were some rules from IRDA on the clients recency , like atleast 50% clients should pay the premium next years !
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